The price of MYX Finance (MYX) has skyrocketed, posting gains of over 33% to 83% in a 24-hour period, with the token trading around $1.76 at press time. This explosive rally is attributed to a confluence of three major factors: a strategic funding announcement, intense derivatives market activity, and anticipation for an upcoming platform upgrade.
A key catalyst was a strategic funding round led by Consensys, the prominent blockchain technology firm behind MetaMask and a major supporter of Ethereum infrastructure. This investment, announced just ahead of the launch of MYX V2, is viewed by the market as a strong endorsement of the project's credibility and future growth potential.
Simultaneously, the derivatives market saw frenzied activity. Open Interest (OI) for MYX surged by 120.17% to $51.62 million, indicating a massive influx of new leveraged long positions. Data from Binance shows top traders are heavily skewed bullish, with 65.31% holding long positions. This leveraged buying, combined with the liquidation of approximately $2.11 million in short positions, created a powerful short squeeze that further fueled the price ascent.
Trading volume corroborated the intense interest, exploding by over 200% to between $311 million and $405.76 million across major exchanges. Technically, the price broke out of a falling channel on the 4-hour chart, reclaiming key support and shifting short-term momentum. The Relative Strength Index (RSI) rebounded from oversold territory at 26 to 56, signaling strong buying pressure.
While the rally shows genuine strength through aligned metrics, analysts caution that the high concentration of leverage increases volatility risk. The price now faces resistance near the $1.73-$1.75 zone, with the next major hurdle at $3.00. Market participants are also watching today's U.S. PCE inflation data, as a lower-than-expected print could provide further tailwinds for risk assets like MYX.
